Equities Analysts Offer Predictions for Cathay General Bancorp's Q3 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY - Free Report) - Investment analysts at Wedbush reduced their Q3 2024 earnings per share estimates for Cathay General Bancorp in a report released on Tuesday, September 24th. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.97 per share for the quarter, down from their previous estimate of $0.99. Wedbush currently has a "Outperform" rating and a $50.00 target price on the stock. The consensus estimate for Cathay General Bancorp's current full-year earnings is $4.03 per share. Wedbush also issued estimates for Cathay General Bancorp's Q4 2024 earnings at $1.07 EPS and FY2024 earnings at $4.08 EPS.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing analysts' consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business's revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 EPS.

Several other research analysts have also weighed in on the company. StockNews.com raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 19th. Truist Financial raised their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a "hold" rating in a research note on Friday, September 20th. Finally, Piper Sandler boosted their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an "underweight" rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $43.50.

Cathay General Bancorp Trading Up 0.8 %

NASDAQ CATY traded up $0.35 during mid-day trading on Thursday, reaching $42.35. 229,259 shares of the stock were exchanged, compared to its average volume of 338,775. The stock has a market cap of $3.08 billion, a P/E ratio of 9.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a one year low of $32.08 and a one year high of $45.88. The stock has a 50 day simple moving average of $42.61 and a 200-day simple moving average of $38.91.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp's payout ratio is 30.09%.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the sale, the insider now owns 355,252 shares of the company's stock, valued at $16,053,837.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Kim R. Bingham sold 6,000 shares of the company's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.89, for a total value of $269,340.00. Following the sale, the executive vice president now owns 45,530 shares in the company, valued at approximately $2,043,841.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the transaction, the insider now owns 355,252 shares of the company's stock, valued at approximately $16,053,837.88. The disclosure for this sale can be found here. Insiders sold 38,401 shares of company stock valued at $1,728,581 in the last three months. Corporate insiders own 4.76% of the company's stock.

Institutional Trading of Cathay General Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP grew its holdings in Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank's stock worth $29,000 after buying an additional 331 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Cathay General Bancorp in the second quarter valued at about $40,000. CWM LLC boosted its holdings in Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank's stock worth $48,000 after purchasing an additional 794 shares during the last quarter. Bessemer Group Inc. increased its stake in Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank's stock valued at $139,000 after buying an additional 523 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its stake in shares of Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank's stock worth $198,000 after buying an additional 4,432 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.